Franktown, Missouri Property Taxes
The median property tax rate in Franktown, Missouri is 1.29%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Franktown, the typical annual property tax bill reaches $536, which is below the national median of $2,690. Property taxes in Franktown are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Franktown's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Franktown or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Franktown, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$535
Ownwell’s Franktown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Franktown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Franktown to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Franktown, Missouri
Property taxes in Franktown, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franktown is 1.29%, which is higher than the national median of 0.99%. Local government entities within Franktown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Franktown estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Franktown's effective property tax rate to other counties in Missouri and the national median. Understanding how these cities compare with Franktown provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franktown Tax Rate
1.29%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franktown, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Franktown, Missouri
In Franktown, Missouri, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Morgan County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Franktown, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Franktown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Franktown Assessed Value
$41,500
Average Morgan County Assessed Value
$49,350
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franktown, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Franktown, Missouri
In Franktown, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the property's market value. For homeowners in Franktown, the median home price stands at $41,500. Property tax rates in this area are applied to the assessed value to determine the annual tax bill. Homeowners in Franktown can expect property tax bills that typically range around $536, as seen across the 25th, 75th, and 90th percentiles. This uniformity suggests a relatively stable tax environment for residents. When compared to the national median property tax rate of 0.99%, Franktown's property tax rates are quite competitive, making it an attractive location for homeowners seeking affordability. The property tax bill directly impacts homeowners by contributing to local services such as schools, infrastructure, and emergency services. Understanding how these taxes are calculated helps homeowners budget accordingly and appreciate the value they receive from their contributions.
Average Franktown Tax Bill
$536
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Franktown, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell